China boosts residential land supply in Q1

BEIJING — China's housing authority increased residential land supply in the first quarter to meet rising demand, official data showed on Monday.

In the first quarter, residential land supply in first-tier cities such as Beijing, Shanghai and Guangzhou increased by over 50 percent from the same period a year ago, according to data collected by the China Urban Land Price Dynamic Monitor.

Land supply in second-tier cities also rose remarkably while supply in third-tier cities fell.

New home prices in Beijing and Shanghai rose by over 20 percent in the past year as residents rushed to buy new homes in anticipation of higher prices in the future.

China's policymakers announced in December that "houses are for living in, not for speculating with" in its fight against rampant speculation in the property market.